D-Wave Quantum Inc. (NYSE:QBTS) saw its stock price tumble 5.07% in pre-market trading on Wednesday, following a remarkable surge in recent weeks. The quantum computing company's shares had skyrocketed by approximately 154% since the beginning of May, catching the attention of investors and market analysts alike.
The sudden downturn comes on the heels of a top investor's cautionary statement regarding D-Wave's stock. According to recent reports, a prominent investor has advised that "now's the time to exit" the stock, suggesting that the recent rally may have pushed the stock price beyond its fair value. This recommendation appears to have prompted some investors to cash in their gains, leading to the pre-market sell-off.
The dramatic shift in D-Wave's stock performance underscores the volatile nature of emerging technology stocks, particularly in the quantum computing sector. As investors reassess their positions in light of the recent surge and subsequent warning, it remains to be seen whether this pre-market plunge marks the beginning of a correction or if D-Wave can maintain its momentum in the face of profit-taking pressure.
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